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Report: Petrobras looks to divest $10B in assets in 1st 4 months of year

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Report: Petrobras looks to divest $10B in assets in 1st 4 months of year

Petróleo Brasileiro SA - Petrobras said it expects to sell around $10 billion in assets in the first four months of the year, according to a March 15 report from Reuters citing Petrobras CEO Roberto Castello Branco.

The assets include the Transportadora Associada de Gas natural gas pipeline network, which is expected to sell for up to $9 billion. Interested parties can submit bids for the pipeline until April 2.

The sale is part of its goal to reduce debt and focus on developing offshore production.

In another Reuters report released March 15, Caixa Economica Federal CEO Pedro Guimarães said the Brazilian state-controlled bank is looking to sell its shares in Petrobras, worth around 9 billion reais.

Guimarães said Brazil's Finance Minister Paulo Guedes already approved the sale, but the presidential decree authorizing it is pending.

Brazil President Jair Bolsonaro previously signed the decree authorizing the sale, but it had to be republished due to technical errors.

As of March 14, US$1 was equivalent to 3.84 Brazilian reais.